Company Update : Dr. Agarwal`s Health Care by Motilal Oswal Financial Services Ltd
Revenue in line; earnings beat expectations
* DAHL’s 2QFY26 revenue grew 19.7% YoY to INR5.0b (in line with our estimate).
* India revenue rose 19.8% YoY to INR4.4b, contributing 89% of total revenue. International revenue grew 18.9% YoY to INR454m (11% of total revenue) during the quarter.
* Mature facilities reported 12.7% YoY growth to INR3.7b (83% of revenue), while new facilities delivered a strong 75% YoY growth to INR0.7b.
* EBITDA margin expanded 160bp YoY to 27.3% (our estimate: 26.2%), driven primarily by lower raw material costs (down 90bp YoY as % of sales) and employee expenses (down 70bp YoY).
* Consequently, EBITDA grew 27.3% YoY to INR1.36b (our estimate: INR1.3b).
* PAT came in at INR297m in 2QFY26, up from INR165m in 2QFY25, backed by improved operational performance, lower finance costs, and a reduced tax rate.
* For 1HFY26, revenue/EBITDA/PAT grew 20%/25%/108% YoY, driven by facility expansion and operational efficiencies.
* The company added 24 new centers during 1HFY26, expanding its network to 258 facilities, while surgeries increased 14.6% YoY to 157,281 during the same period.
* Service sales accounted for 78% of total revenue, whereas product sales contributed 22% in 1HFY26.
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